President's Letter
The year 1983 has been a significant year of development for Keane. The Company crystalized its goals and aggressively positioned itself in the marketplace. Revenues for the year were $20,875,000 as compared to $17,606,000 during 1982. Net income was $232,000 or 27€ per share, versus $305,000 or 36€ per share a year ago. Earnings for 1983 were impacted by significant investments ($843,000 or 50c per share) to support the development and marketing of KeaMed's hospital application products and Keane's new Factory Information System.
Keane's Information Services Division grew over 18% during the year in response to favorable economic conditions and the increasing demand for large application development projects. The successful completion of these projects is a result of ISD's use of Productivity Management, the Company's project management methodology. In addition, the division introduced Keane's new Factory Information System, a package designed for smaller manufacturers.
KeaMed broadened its base of prospects in the health care marketplace by announcing a family of Worry-Free Software, and a unique Software Protection Plan. Along with this, the division entered into formal mar keting relationships with IBM and Wang, whereby KeaMed will sell IBM hardware and licensed programs nationally and Wang hardware and licensed programs on the East Coast in conjunction with Worry-Free Software. To better focus the marketing efforts and support teams for each specific hospital market, the KeaMed Division has been structured into two independent business units, the KeaMed/IBM Business Unit and the KeaMed/Wang Business Unit.
During 1983, Keane began to respond not only to chang-ing economic conditions, but to a software market in transition. The Company is positioning itself to fulfill the growing need for applications software through both large customized application development projects and cost-efficient package solutions.
Through all of this we continue to remember one important tradition; Keane is a people company. Our primary assets are our people, the standards of excellence they expect of themselves, and the teamwork of the Company's management and technical staff. This year Keane invested in its peo ple by opening three new training centers and by expanding its management and technical training programs. These programs are designed to assure that Keane's personnel remain the finest in the industry.
I would like to thank Keane's "Essential Professionals" for their individual achievements and their collective efforts during 1983. And I would like to extend my appreciation to our loyal clients for their continued confidence and trust in Keane.
John F. Keane
President
Annual Report